Gerresheimer, a global partner to the pharma, biotech, and cosmetics industries, published its 2025 annual and consolidated financial statements on June 29, 2026, after a delay due to internal investigations. The company reported revenue of €2.321 billion, a 16.6% increase from the previous year, largely due to the first-time consolidation of Bormioli Pharma. Adjusted EBITDA reached €384 million, down from €388 million in 2024, with an adjusted EBITDA margin of 16.8% compared to 19.4% in the prior year. Organic revenue growth was 0.3%, driven by strong demand in the Plastics & Devices division.
The investigations, conducted by an independent law firm and a second auditing firm, identified incorrect revenue recognition from bill-and-hold agreements and other accounting practices in fiscal years 2024 and 2025. Adjustments under IAS 8 totaled €44.6 million in revenues and €31.4 million in adjusted EBITDA for 2024. The company has since revised its Code of Conduct, strengthened compliance and internal audit departments, and taken personnel actions against violators. Going forward, Gerresheimer will no longer recognize revenue from bill-and-hold agreements.
In the Plastics & Devices division, revenue rose 5.2% on a currency-adjusted pro forma basis to €1.346 billion, while adjusted EBITDA grew 0.2% to €315 million. Strong demand for drug delivery devices and syringes offset weakness in primary plastic packaging for oral liquids. The Primary Packaging Glass division saw revenue decline 5.5% to €983.5 million, with adjusted EBITDA falling 29.9% to €126.2 million. Subdued demand in cosmetics and oral liquids segments, along with operational challenges at the Chicago Heights plant and ramp-up losses in Lohr, Germany, contributed to the decline.
Consolidated net income was -€318.7 million, impacted by non-cash impairments of €521.5 million and exceptional expenses of €71.8 million. Impairments included technology projects at Sensile Medical AG, goodwill, and assets of the Chicago Heights moulded glass plant, which will close at the end of fiscal 2026 as part of the Gerresheimer Transformation Program (gto). No dividend will be paid for 2025 due to negative net income.
For fiscal 2026, Gerresheimer expects revenue in the lower half of €2.3-2.4 billion, an adjusted EBITDA margin of 17-18%, and free cash flow between -€50 million and -€100 million. The sale of U.S. subsidiary Centor is progressing, with closing expected by year-end. The proceeds, along with planned debt refinancing, will improve the company's financial situation. CFO Wolf Lehmann stated, "The publication of the audited 2025 annual and consolidated financial statements sends an important positive signal to our customers, financing partners, and investors."
The 2025 Annual Report is available for download on the Gerresheimer website at www.gerresheimer.com/en/investors/investors-and-analysts/publications/reports.
